[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f809n8ivscmdt":3,"$ffeh0925h8cuz":51,"$fbwk2pqjjqsc7":55},{"item":4,"previous":39,"next":45},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":37,"updatedAt":38},1687,"homes-are-more-affordable-right-now-than-they-have-been-in-years","Homes Are More Affordable Right Now Than They Have Been in Years","Today, home prices are appreciating. When we hear prices are going up, it’s normal to think a home will cost more as the trend continues. The way the housing market is positioned today, however, low mortgage rates are actually making homes \u003Cstrong>more affordable,\u003C\u002Fstrong> even as prices rise. Here’s why.","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F08\u002F12151915\u002F20200813-KCM-Share.jpg","Today, home prices are appreciating. When we hear prices are going up, it’s normal to think a home will cost more as the trend continues. The way the housing market is positioned today, however, low mortgage rates are actually making homes \u003Cstrong>more affordable,\u003C\u002Fstrong> even as prices rise. Here’s why.\u003C!--more-->\r\n\r\nAccording to the \u003Ca href=\"https:\u002F\u002Fwww.blackknightinc.com\u002Fblack-knights-june-2020-mortgage-monitor\u002F\">\u003Cem>Mortgage Monitor Report\u003C\u002Fem>\u003C\u002Fa> from \u003Cem>Black Knight:\u003C\u002Fem>\r\n\u003Cblockquote>\u003Cem>“While home prices have risen for 97 consecutive months, July’s record-low mortgage rates have made \u003Cstrong>purchasing the average-priced home the most affordable it’s been since 2016.\u003C\u002Fstrong>”\u003C\u002Fem>\u003C\u002Fblockquote>\r\n\u003Ch4>\u003Cstrong>How is that possible? \u003C\u002Fstrong>\u003C\u002Fh4>\r\n\u003Cem>Black Knight \u003C\u002Fem>continues to explain:\r\n\u003Cblockquote>\u003Cem>“As of mid-July, \u003Cstrong>it required 19.8% of the median monthly income to make the mortgage payment on the average-priced home purchase\u003C\u002Fstrong>, assuming a 20% down payment and a 30-year mortgage. That was more than 5% below the average of 25% from 1995-2003.\u003C\u002Fem>\r\n\r\n\u003Cem>This means it\u003Cstrong> currently requires a $1,071 monthly payment to purchase the average-priced home, \u003C\u002Fstrong>which is\u003Cstrong> down 6% from the same time last year\u003C\u002Fstrong>, despite the average home increasing in value by more than $12,000 during that same time period.\u003C\u002Fem>\r\n\r\n\u003Cem>In fact, \u003Cstrong>buying power is now up 10% year-over-year, meaning the average home buyer can afford nearly $32,000 more home than they could at the same time last year, while keeping their monthly payment the same\u003C\u002Fstrong>.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nThis is great news for the many buyers who were unable to purchase last year, or earlier in the spring due to the slowdown from the pandemic. By waiting a little longer, they can now \u003Cstrong>afford 10% more home\u003C\u002Fstrong> than they could have a year ago while keeping their monthly mortgage payment unchanged.\r\n\r\nWith mortgage rates hitting all-time lows eight times \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2020\u002F08\u002F11\u002Fcurrent-buyer-seller-perks-in-the-housing-market\u002F\">this year\u003C\u002Fa>, it’s now less expensive to borrow money, making homes significantly more affordable over the lifetime of your loan. Mark Fleming, \u003Cem>Chief Economist\u003C\u002Fem> at \u003Cem>First American,\u003C\u002Fem> \u003Ca href=\"https:\u002F\u002Fblog.firstam.com\u002Feconomics\u002Fwhat-the-historic-mortgage-rate-drop-means-for-affordability\">shares\u003C\u002Fa> what low mortgage rates mean for affordability:\r\n\u003Cblockquote>\u003Cem>“In July, \u003Cstrong>house-buying power got a big boost as the 30-year, fixed mortgage rate made history by moving below three percent.\u003C\u002Fstrong> That drop in the mortgage rate from 3.23 percent in May to 2.98 percent \u003Cstrong>in July increased house-buying power by nearly $15,000\u003C\u002Fstrong>.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nThe map below shows the last time homes were this affordable by \u003Ca href=\"https:\u002F\u002Fcdn.blackknightinc.com\u002Fwp-content\u002Fuploads\u002F2020\u002F07\u002FBKI_MM_Jun2020_Report.pdf\">state\u003C\u002Fa>:\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F08\u002F20200813-MEM-Eng-1.jpg\">\u003Cimg class=\"aligncenter wp-image-42837\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F08\u002F20200813-MEM-Eng-1.jpg\" alt=\"Homes Are More Affordable Right Now Than They Have Been in Years | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>In six states – Arkansas, Iowa, Kentucky, Louisiana, Maryland, and West Virginia – homes have not been this affordable \u003Cstrong>in more than 25 years\u003C\u002Fstrong>.\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nIf you’re thinking of making a move, now is a great time to take advantage of the affordability that comes with such low mortgage rates. Whether you’re thinking of purchasing your first home or moving into a new one and securing a significantly lower mortgage rate than you may have on your current house, let’s connect today to determine your next steps in the process.","\r\nIf you’re thinking of making a move, now is a great time to take advantage of the affordability that comes with such low mortgage rates. Whether you’re thinking of purchasing your first home or moving into a new one and securing a significantly lower mortgage rate than you may have on your current house, let’s connect today to determine your next steps in the process.","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F08\u002F20200813-MEM-Eng-1.jpg",false,[17,21,25,29,33],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},9,"Home Prices","home-prices",{"id":26,"name":27,"slug":28},11,"First-Time Buyers","first-time-buyers",{"id":30,"name":31,"slug":32},35,"Mortgage Rates","mortgage-rates",{"id":34,"name":35,"slug":36},38,"Move-Up","move-up","2020-08-13T10:00:32Z","2020-08-13T12:58:56Z",{"id":40,"slug":41,"title":42,"featuredImage":43,"publishedAt":44,"contentType":10,"isVideo":15},1686,"why-foreclosures-wont-crush-the-housing-market-next-year","Why Foreclosures Won’t Crush the Housing Market Next Year","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F08\u002F11125354\u002F20200812-KCM-Share.jpg","2020-08-12T10:00:37Z",{"id":46,"slug":47,"title":48,"featuredImage":49,"publishedAt":50,"contentType":10,"isVideo":15},1688,"mortgage-rates-payments-by-decade-infographic","Mortgage Rates & Payments by Decade [INFOGRAPHIC]","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F08\u002F13173408\u002F20200814-KCM-Share.jpg","2020-08-14T10:00:01Z",{"cover":52,"open":53,"shareSpread":54},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[56,60,61,65,69,73,74,75,79,80,81,85,89,93,97,101,105,109,113,117,121,125,129,133,137,141,145,149,153,157],{"id":57,"name":58,"slug":59},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":62,"name":63,"slug":64},6,"For Sellers","sellers",{"id":66,"name":67,"slug":68},7,"Foreclosures","foreclosures",{"id":70,"name":71,"slug":72},8,"Infographics","infographics",{"id":22,"name":23,"slug":24},{"id":26,"name":27,"slug":28},{"id":76,"name":77,"slug":78},34,"Senior Market","senior-market",{"id":30,"name":31,"slug":32},{"id":34,"name":35,"slug":36},{"id":82,"name":83,"slug":84},41,"For Sale by Owner","for-sale-by-owner",{"id":86,"name":87,"slug":88},42,"Featured","featured",{"id":90,"name":91,"slug":92},45,"New Construction","new-construction",{"id":94,"name":95,"slug":96},52,"Luxury \u002F Vacation","luxury--vacation",{"id":98,"name":99,"slug":100},53,"Rent vs. Buy","rent-vs-buy",{"id":102,"name":103,"slug":104},80,"Time-sensitive","time-sensitive",{"id":106,"name":107,"slug":108},81,"Outdated","outdated",{"id":110,"name":111,"slug":112},147,"Internal","internal",{"id":114,"name":115,"slug":116},148,"Do Not Autopost","do-not-autopost",{"id":118,"name":119,"slug":120},320,"Inventory","inventory",{"id":122,"name":123,"slug":124},321,"Agent Value","agent-value",{"id":126,"name":127,"slug":128},322,"Affordability","affordability",{"id":130,"name":131,"slug":132},323,"Buying Tips","buying-tips",{"id":134,"name":135,"slug":136},324,"Downsize","downsize",{"id":138,"name":139,"slug":140},325,"Economy","economy",{"id":142,"name":143,"slug":144},326,"Equity","equity",{"id":146,"name":147,"slug":148},327,"Forecasts","forecasts",{"id":150,"name":151,"slug":152},328,"Selling Tips","selling-tips",{"id":154,"name":155,"slug":156},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":158,"name":159,"slug":160},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]